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Multifamily

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CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $16.5M Sale of Apartment Complex in Metro Boston

by Taylor Williams

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $16.5 million sale of Rose Garden Apartments, a 72-unit multifamily complex located in the western Boston suburb of Framingham. The three-story building houses a mix of studio, one- and two-bedroom units, 21 of which were recently renovated. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $1.4M Sale of Apartment Building in Suburban Chicago

by Kristin Harlow

OAK PARK, ILL. — Interra Realty has arranged the $1.4 million sale of a 19-unit apartment building in the western Chicago suburb of Oak Park. The four-story property on North Austin Boulevard comprises 15 one-bedroom units and four two-bedroom residences. Originally built in 1940, the asset has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The property was 85 percent occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed buyer and seller.

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Affordable HousingDevelopmentLoansMultifamilyTexas

KeyBank Provides $87.8M in Financing for Mixed-Income Project in Metro Austin

by Taylor Williams

MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which  consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.

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AcquisitionsMultifamilyTexas

Sunstone Two Tree Buys Houston Apartment Community for $28.9M, Plans Redevelopment

by Taylor Williams

HOUSTON — California-based investment firm Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit apartment community in Houston’s Westchase neighborhood, for $28.9 million. Built in 1978, the market-rate property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the transaction. The new ownership plans to invest about $10.5 million in capital improvements. Unit interiors will receive new flooring, counters, lighting, appliances and cabinetry. Building exteriors will be upgraded with new paint, roofing, lighting, landscaping and signage. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.

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Lenox-Timbergrove-Houston
DevelopmentMultifamilyTexas

OHT Partners Breaks Ground on 293-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — Austin-based developer OHT Partners has broken ground on a 293-unit multifamily project in Houston’s Lazybrook/Timbergrove area. Lenox Timbergrove will be a five-story building that will house studio, one- and two-bedroom units ranging in size from 500 to 1,500 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart-home technology. Amenities will include a pool, outdoor kitchen and dining areas, a coworking lounge, indoor pet spa and an artificial turf lawn for games. Completion is slated for late 2025.

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DevelopmentMultifamilyNortheastPennsylvaniaStudent Housing

Mediplex Property Group Opens 365-Bed Residence Hall Near Albright College in Reading, Pennsylvania

by Taylor Williams

READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.

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AcquisitionsIowaMidwestMultifamily

Eastham Capital, ARTISAN Capital Group Purchase Multifamily Property in Des Moines for $26.9M

by Kristin Harlow

DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.

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LoansMichiganMidwestMultifamily

BWE Arranges $19.7M Acquisition Loan for Multifamily Portfolio in Southeast Michigan

by Kristin Harlow

CLINTON TOWNSHIP, MICH. — BWE has arranged a $19.7 million acquisition loan for a 326-unit multifamily portfolio in Clinton Township, which is part of the Detroit metropolitan area. Adam Gould of BWE secured the three-year, nonrecourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in workforce housing. The portfolio consists of 13 low-rise buildings with a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court and onsite laundry.

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DevelopmentMultifamilyNew JerseyNortheast

Hampshire Cos. Completes 70-Unit Multifamily Project in Allendale, New Jersey

by Taylor Williams

ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.

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